All Forum Posts by: Simon W.

You need a new accountant lol

PM issues 1099-MISC, not NEC for rental income paid to property owners.

You would still issue the rental income paid to the owners regardless of the payment method.

The Property Owners should add an expense line item on Schedule C stating that income reported twice on Form 1099 to offset any duplicated amount. The property owner's tax professional can help them with that and ensure they don't pay taxes twice on the same income.

Disclaimer: My advice/opinion in this post is just that, my opinion. Please consult with a professional. Reading or responding to this post does not create a client-accountant relationship or any other professional relationship.

 If you are truly interested in ABE area, I think we should connect. 

Turn-Key won't give you much value since the selling price already considered the increase so you would be paying at the ARV.

I don't have any specifics but as someone who is into tech, accounting/finance, and a consultant to grow businesses. I can only imagine that they got a bunch of big time investors and business loans to grow this out. They pay themselves good "salary" from the loans they get. Once the funds are up and they can't repay the loan(s) back because offering free services are just enticing new investors that do not have a real system setup. No one wants to pay for anything. 

Realistically, to make the business work, they are hoping all the people who are using the "free services" to eventually go into banking where they can collect fees for anything bank related. They aren't the actual bank so need to upcharge these fees and hoping in volume they can make enough to continue operating. 

More than likely, the same people created these startups are doing pump and dump. They will just create the same exact system and rebrand it. They will try to partner up with some CPA from BP and market to BP members. In this case, Azibo was super strong on bugging me when they first started. It all starts like that. Baselane is doing the samething, it gets flooded with promotion on these platforms.

The said CPA or his team actually got my client into trouble with the IRS. Something I caught within 10 minutes of looking at the financial. This is also why I think Azibo will go down. I look at who the company associated with.

These are just my opinion about it. I have no facts so take my opinion with a grain of salt.

I already knew something like this was going to eventually happen. When you have employees promoting the platform like it is the best platform ever and free accounting services, it was going to go down sooner or later.

Pretty sure their other services are going to go down shortly.

Baselane is offering assistance I believe, but they are just like Azibo. Eventually, they will follow the same fate.

If you are dealing with FinTech. it is going to happen.

It might because they don't want any random person just setup a property management software to make it look legit and using it to scam people (tenants)

this is where the gray area comes in with accounting. And people think Ai is going to replace accountants.

one can argue that apartments.com is just a processing the payment and not actually holding the funds to transfer out.

If apartments.com all of a sudden reverses the payment for insufficient funds?

Of course the OP received the funds but the point I would argue is that if the OP received in Jan and not Dec in his bank account. It would be Jan income.

He only knows about it, but if an accountant is just running his books on QBO or another platform and only connect with the feeds. The accountant would record it as of Jan and not Dec. 90% of the real estate investors are running cash-basis. To record it as December, you would have to back date it and the bank reconcilation would be off.

 It is most likely 2025 income. It depends what basis you are filing under. If you had to ask this, it is most likely 2025 lol

This sounds like you need an attorney to do this. If you can't get ahold of the PM, demand letter is next.

Is it with only the upgrade? are you allowed to edit the chart of accounts? 

Stessa isn't good for keeping track of tax deduction items.

Stessa was designed to just look at P&L. Not even Balance Sheet.

I don't know if they changed their model since the change of subscription plan but it isn't ideal to use it as depreciation or amortization.